Bill Text: TX HB3578 | 2013-2014 | 83rd Legislature | Enrolled
Bill Title: Relating to the allocation and transfer of money from the capital access fund by the Texas Economic Development Bank.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2013-06-14 - Effective on 9/1/13 [HB3578 Detail]
Download: Texas-2013-HB3578-Enrolled.html
H.B. No. 3578 |
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relating to the allocation and transfer of money from the capital | ||
access fund by the Texas Economic Development Bank. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter BB, Chapter 481, Government Code, is | ||
amended by adding Section 481.415 to read as follows: | ||
Sec. 481.415. ALLOCATION AND TRANSFER OF MONEY FROM CAPITAL | ||
ACCESS FUND. (a) Notwithstanding any other provision of this | ||
subchapter, the bank may allocate money held in or due to the | ||
capital access fund to programs administered by the bank under | ||
Section 489.108 or Subchapter D, Chapter 489. The bank may transfer | ||
money from the capital access fund to the Texas product development | ||
fund or the Texas small business incubator fund. | ||
(b) Notwithstanding Subchapter D, Chapter 489, the bank may | ||
use money transferred under Subsection (a) to make loans to small or | ||
medium-sized businesses, governmental entities, or nonprofit | ||
organizations. A business, governmental entity, or nonprofit | ||
organization that receives a loan under this subsection may: | ||
(1) use the money for any project, activity, or | ||
enterprise in this state that fosters economic development; or | ||
(2) hold the money in a reserve account created as a | ||
condition of the extension of the loan. | ||
SECTION 2. Section 489.211(b), Government Code, is amended | ||
to read as follows: | ||
(b) The product fund is composed of proceeds of bonds issued | ||
under this subchapter, financing application fees, loan | ||
repayments, guarantee fees, royalty receipts, dividend income, | ||
money appropriated by the legislature for authorized purposes of | ||
the product fund, amounts received by the state from loans, loan | ||
guarantees, and equity investments made under this subchapter, | ||
amounts received by the state from federal grants or other sources, | ||
amounts transferred from the capital access fund under Section | ||
481.415, and any other amounts received under this subchapter and | ||
required by the bank to be deposited in the product fund. The | ||
product fund contains a program account, an interest and sinking | ||
account, and other accounts that the bank authorizes to be created | ||
and maintained. Money in the product fund is available for use by | ||
the board under this subchapter. Investment earnings under the | ||
product fund must be transferred to the fund created under Section | ||
489.105. Notwithstanding any other provision of this subchapter, | ||
any money in the product fund may be used for debt service. | ||
SECTION 3. Section 489.212(b), Government Code, is amended | ||
to read as follows: | ||
(b) The small business fund is composed of proceeds of bonds | ||
issued under this subchapter, financing application fees, loan | ||
repayments, guarantee fees, royalty receipts, dividend income, | ||
money appropriated by the legislature for authorized purposes of | ||
the small business fund, amounts received by the state from loans, | ||
loan guarantees, and equity investments made under this subchapter, | ||
amounts received by the state from federal grants or other sources, | ||
amounts transferred from the capital access fund under Section | ||
481.415, and any other amounts received under this subchapter and | ||
required by the bank to be deposited in the small business fund. | ||
The small business fund contains a project account, an interest and | ||
sinking account, and other accounts that the bank authorizes to be | ||
created and maintained. Money in the small business fund is | ||
available for use by the board under this subchapter. Investment | ||
earnings under the small business fund must be transferred to the | ||
fund created under Section 489.105. Notwithstanding any other | ||
provision of this subchapter, any money in the small business fund | ||
may be used for debt service. | ||
SECTION 4. This Act takes effect September 1, 2013. | ||
______________________________ | ______________________________ | |
President of the Senate | Speaker of the House | |
I certify that H.B. No. 3578 was passed by the House on May 2, | ||
2013, by the following vote: Yeas 145, Nays 2, 2 present, not | ||
voting; and that the House concurred in Senate amendments to H.B. | ||
No. 3578 on May 24, 2013, by the following vote: Yeas 141, Nays 4, | ||
2 present, not voting. | ||
______________________________ | ||
Chief Clerk of the House | ||
I certify that H.B. No. 3578 was passed by the Senate, with | ||
amendments, on May 22, 2013, by the following vote: Yeas 31, Nays | ||
0. | ||
______________________________ | ||
Secretary of the Senate | ||
APPROVED: __________________ | ||
Date | ||
__________________ | ||
Governor |